Montpelier Re Holdings Ltd. (NYSE: MRH); (the “Company” or “Montpelier Re”) today announced that its Board of Directors (the “Board”) has increased the regular quarterly dividend payable on the Company’s issued common shares by approximately 9%. The Board also declared a quarterly dividend of $0.125 per common share, and a quarterly dividend of $0.554688 per 8.875% Non-Cumulative Preferred Share, Series A, each payable on or before January 15, 2014, to all shareholders of record as of December 31, 2013.
The Board currently intends to maintain the dividend per common share at the increased level in future periods and will consider further adjustments to its common share dividend policy periodically. Any future determination to pay dividends or distributions on common shares will remain at the discretion of the Board and will be dependent upon many factors, including the Company’s results of operations, cash flows, financial position, capital requirements, general business opportunities, legal, tax, regulatory and contractual restrictions.
The Company also announced that the Board has increased its existing common share repurchase authorization by an additional $150 million, thereby raising its total common share repurchase authorization as of November 15, 2013 to $279 million. Common shares may be purchased in the open market or through privately negotiated transactions. There is no stated expiration date associated with this share repurchase authorization.
Montpelier, through its operating subsidiaries, is a premier provider of global property and casualty reinsurance and insurance products. Additional information can be found in the Company’s public filings with the Securities and Exchange Commission.
This press release may contain "forward-looking" statements within the meaning of the United States federal securities laws, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not historical facts, including statements about our beliefs and expectations. All forward-looking statements are based upon current plans, estimates and projections. Actual results could differ materially from those projected in any forward-looking statements, as a result of certain risk factors disclosed previously, and from time to time, in the Company’s filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.